Isle of Wight tax rate jumps 13 cents

Board of Supervisors approved a $91.1 million operating budget

ISLE OF WIGHT – With a 4-1 vote on Thursday, the Isle of Wight Board of Supervisors adopted a $91.1 million operating budget for 2012 that will raise the county's tax rate by 13 cents per $100 of assessed property.

Supervisor Al Casteen cast the dissenting vote.

The county new tax rate will jump from 52 to 65 cents per $100 of assessed property, beginning July 1.

Despite grappling with an $8 million revenue shortfall, the county was able to absorb the cuts without tapping into the county's undesignated fund balance, said Michael Terry, the county's finance director. The school division trimmed an extra $1.6 million, mostly in maintenance funding with the understanding that school leaders may need to come back for financial help if an emergency crops up.

The supervisors did not keep Terry's recommendation that the county delay its biannual assessments for a year. Commissioner of Revenue Gerald Gwaltney said houses are selling for an average 2 percent above their value and that several citizens have come into his office wanting their assessments reduced accordingly. The only way to do that is through the scheduled assessment, which will get underway on July 1, he said.

Supervisors vowed to come back in mid-year to assess the finances and see if they could find a way to give county employees a pay raise.